A. There is imposed on the gross earnings of each organization for the 1996 and subsequent calendar years a tax of one and one-half percent. B. The tax imposed in Subsection A of this section is in lieu of all property taxes on railway cars owned by an organization. History: 1978 Comp., § 7-11-3, enacted by Laws 1982, ch. 18, § 19; 1987, ch. 108, § 1; 1997, ch. 92, § 1. ANNOTATIONSThe 1997 amendment, effective April 8, 1997, in Subsection A, substituted '1996' for '1987' and 'one and one-half percent' for 'three and one-half percent'. Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 127, 291, 392 to 395, 399, 402, 405, 427, 438.
New Mexico Legal Code